Ruairi Quinn (Dublin South East, Labour) | Oireachtas source

The programme for Government set out that the Government would conduct a fundamental review of remuneration at banks subject to State support. The exact wording of the programme for Government is: "All remuneration schemes at banks subject to state support will undergo a fundamental review to ensure an alignment of interest between banks, their staff and the taxpayer." This is another example of the Government implementing its programme for Government and its commitments.

The Minister for Finance has written to the Opposition spokespeople to inform them of the review, which has been ongoing within the Department. Mercer has now been appointed to bring the review to a conclusion. The review will cover pay levels across all covered banks and at all levels within the banks.

The headline in today's Irish Independent caught everyone's eye but if it had stated that the €500,000 cap on bankers' pay could fall, it would not exactly sell very many newspapers. Let us await the recommendations of the Mercer report.

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